The new corporate venturing division will be led by chief financial officer Michael Angelakis and focus on late-stage investments.

US-based cable and telecommunications company Comcast is setting up a new corporate venturing arm focused on late-stage companies and funded with $4.1bn, Reuters reported yesterday.

The new unit will be headed by Michael Angelakis, currently the chief financial officer (CFO) of Comcast. Angelakis will step down from his current position either when a new CFO is hired or on June 30, 2016.

Comcast will provide $4bn to the unit, with Angelakis investing $40m and the remaining money coming from senior…